Bhutan Government Sells Over 490 BTC Amid Bitcoin Price Rally
The Royal Government of Bhutan has transferred over 490 BTC from its primary wallet to new wallets, valued at nearly $32.74 million. This move comes as Bitcoin's price rallies above $75K.
According to Onchain Lens data, the transfer was made in two parts: a single transaction of 485 BTC worth almost $32.31 million and another smaller transaction. The transferred amount is now held in a wallet that also contains over 2018 BTC, valued at $152 million.
This move marks a significant decrease in Bhutan's Bitcoin holdings, which have dropped from around 13,000 BTC in October 2024 to 967 BTC currently. The government has been transferring its BTC holdings amid the recent upside momentum in Bitcoin price.
As Crypto analyst Ali Martinez predicts, Bitcoin may rally towards $83K as there is no major supply cluster until that level. Meanwhile, the total Bitcoin open interest across all crypto exchanges surpassed $56.93 billion for the first time since May, and prediction markets data showed an 79% chance of Bitcoin reaching $80,000 by December 31, 2026.